In the second week of March, Brent oil futures demonstrated significant price fluctuations, with settlement prices consistently remaining above $90 per barrel in the ICE market. The week began with a dip to $87.80 per barrel on March 10, but prices rebounded sharply, reaching a peak of $103.14 per barrel by March 13. This represented an 11% increase from the prior week and marked the highest price level since August 30, 2022.
The volatility in oil prices was largely attributed to ongoing instability in the Middle East, particularly affecting supply routes through the Strait of Hormuz. A temporary decline in prices on March 10 coincided with remarks from the U.S. president regarding potential resolutions to regional conflicts and discussions among G7 nations about releasing oil from strategic reserves. However, as tensions persisted throughout the week, Brent prices surged again despite the International Energy Agency’s unprecedented release of emergency oil reserves.
TTF gas futures also exhibited notable volatility during this period. On March 9, prices peaked at €56.45 per MWh—the highest observed since February 12, 2025—before experiencing a sharp decline of 16% to a weekly low of €47.39 per MWh on March 10. The remainder of the week saw prices stabilize around €50 per MWh, closing at €50.12 on March 13, which was down by 6.1% compared to the previous Friday. These fluctuations were closely tied to supply concerns stemming from Middle Eastern instability and reported low European gas storage levels currently below 29%.
In the EEX market for CO₂ emission allowance futures, the December 2026 contract reached a high of €72.93 per tonne on March 10 but subsequently fell to a low of €68.75 per tonne by March 12—the lowest level since May 2, 2025. On March 13, settlement prices slightly recovered to €69.18 per tonne; however, this still reflected a decrease of 2% from the previous week’s close.
This week’s developments underscore significant volatility across energy markets, driven by geopolitical tensions and uncertainties related to supply chains for Brent oil, TTF gas, and CO₂ allowances.
